Bright future seen for WeChat payments
Mobile messaging app WeChat aims to offer electronic payment services in every shop in China within two years.
Tencent Holdings VP Zhang Ying, who is also WeChat Pay GM, shared the WeChat payments ambition when speaking at an industry conference in Hong Kong.
WeChat has more than 889 million monthly active users, according to Tencent’s annual report.
Developed by Tencent, the messaging app was launched in 2011.
A whole year ago, Reuters estimated WeChat to have built one of the world’s largest payments systems and estimated a turnover of US$500 billion for 2016.
A key driver of the growth was online gaming.
However the simplicity of its red envelope payment system has led to its adoption by not only a growing cadre of retailers in Greater China, but even streetfood vendors.
In Hong Kong, beauty retail chain Sasa was one of the early adopters of WeChat Pay.